Mapo 84㎡ Homeowners to Pay 1.5 Million Won More in Property Taxes This Year
The official assessed value of an 84㎡ (about 30 pyeong) unit at Mapo Raemian Purugio in Ahyeon-dong, Mapo District, Seoul, rose roughly 30.9% in a single year, meaning households owning this apartment are estimated to pay about 1.5 million won more in annual holding taxes. The assessed value, calculated by the government each year as the basis for taxation, jumped from 1.316 billion won to 1.723 billion won according to Ministry of Land, Infrastructure and Transport data. As a result, the annual holding tax is estimated to rise from 2.89 million won to 4.39 million won — an added burden of 12,500 won per month.
The burden is even heavier for high-end homes. The assessed value of an 84㎡ unit at Raemian One Bailey in Banpo-dong, Seocho District, Seoul, stands at 4.569 billion won, with an estimated holding tax of 28.55 million won — up 10.26 million won in one year, or an estimated 2.38 million won paid each month.
Yet rising home prices do not translate into tangible gains. When single-home owners sell to realize a profit, prices of similar apartments in the same area have risen as well, so the proceeds go straight into buying a new home, leaving little after taxes, brokerage fees, and moving costs. If they stay put, the gains from rising home values are never realized at all.
For dual-income couples, a 500,000-won monthly raise affects disposable income more directly than a nominal 500 million won increase in assets. A 500,000-won salary increase adds 6 million won in disposable income a year. By contrast, even a 500-million-won rise in home value brings no immediate cash inflow, while expenses grow through higher loan interest and property taxes. Though these households' assets have grown by hundreds of millions of won, their spending power has not kept pace. With mortgage repayment, holding taxes, and interest burdens continuing, rising home prices fail to improve household cash flow — which is why single-home owners in Seoul find it hard to feel any real benefit from headlines about soaring home prices.
In a report, the National Assembly's Strategy and Finance Committee noted that raising the comprehensive real estate tax rate could pass the tax burden on to tenants through rent increases. A revision bill submitted to the National Assembly would raise the tax rate for properties worth between 600 million and 1.2 billion won from 1.0% to 1.3% starting in 2028. According to the Korea Real Estate Board, Seoul's average monthly apartment rent reached 1.661 million won in September, up 218,000 won over the past year. Land Minister Hong Ji-seon said, "The shift from jeonse to monthly rent is not a sudden phenomenon but a structural change driven by the growth of single-person households."
